Divorce can be a complex and emotionally draining process. During this time, it is important to understand which assets are subject to division during a divorce and which are not. Knowing the distinction between these two types of assets can help you make sure you get the most favorable outcome for your situation when it comes to asset division.
Some assets are considered non-divisible, meaning they cannot be divided in a divorce settlement. These assets usually include those that were acquired before the marriage or through inheritance, gifts, or other means that did not involve both parties. Other examples of non-divisible assets include property owned prior to the marriage, trust funds, retirement accounts such as 401(k)s and IRAs, and any other asset where only one spouse has an ownership stake (such as stocks).
In some cases, assets that may have been acquired during the marriage may also be considered non-divisible if they were kept separate from marital funds. This means that any money or property that was kept solely in one spouse’s name is not subject to division in a divorce settlement. Additionally, any income earned by either party after filing for divorce is typically not subject to division either as it is considered separate property.
It is important to note that each state has different laws regarding asset division in a divorce settlement so it is best to consult with an experienced lawyer before proceeding with any negotiations regarding asset division. An experienced attorney will have the knowledge necessary to guide you through this often complicated process and ensure that your rights are protected throughout the proceedings.
Divorce can be a difficult process, but understanding which assets are subject to division and which are not can help make things easier for both parties involved. Non-divisible assets typically include those acquired before the marriage or through inheritance/gifts; property owned prior to marriage; trust funds; retirement accounts such as 401(k)s or IRAs; stocks owned by only one spouse; and income earned after filing for divorce. It’s important to remember that each state has different laws regarding asset division in divorce settlements so it is best to consult with an experienced lawyer who can guide you through this process and ensure your rights remain protected throughout all proceedings. If you’re looking for an international divorce attorney in Orlando, contact Ilvento Law Firm today for more information about our services!